BSE, NSE impose Rs 2.24 lakh fine each on Adani Green Energy for non-compliance

On Tuesday, Adani Green Energy announced that the National Stock Exchange and BSE had each fined the company Rs 2.24 lakh for various non-compliances.

The fines have been imposed "for non-compliance with the requirements pertaining to the composition of the Board, including failure to appoint a woman director", the company stated in an exchange filing.

"BSE Ltd and the National Stock Exchange of India Ltd have, vide their letter dated August 21, 2023 (received by us at 8.00 pm and 9.00 pm, respectively), imposed a fine of Rs. 2,24,200 each on the Company...for certain non-compliance," the filing said.

According to Adani Green Energy, the non-compliance happened as a result of the untimely death of a female director and the resignation of an independent director.

Since then, the company has been conducting a thorough procedure to find prospective independent directors who can fill these positions, and it is currently in the final stages of negotiations.

The company remains committed to ensuring optimum compliance with all applicable laws, it stated.

Source: Media Reports